The Portland daily press., 1887-01-12

following officers:
President-Wm W. Thomas
Vice President-Elias Thomas.
Cashier-George G. Peters.
Mr.. Peters takes the place of Mr.Somerby.
who declineda reelection. The subordinate
officers of the bank were all promoted in
regular line after Mr.. Peters.
NATIONAL TRADERS BANK.
The following board of directors was cleo
ted:
Richard Q. Conant, William G. Davis, Roswell
M M Richardson, Charles o. Haskell. William N.
Messrs Haskell and William N. Davis
take the places of F. G. Messer and William
L. Putnam, resigned The directors, at their
subsequent meeting, chose R. o. Conant,
president, but he declined to serve. r. NJ.
Richardson was thon elected president, but
ne also declined. VIM. G. Davis was finally
chosen president and accepted. The full
list OF officers elected by the directors is as
follows:
President-wm G. Davis.
wee President-R. o. Conant.
CaSnler-Edward Gould.
Bookkeeper-W. III. Hobbs
Ieler-John NJ. Gould
messenger and Clerk-Samuel G. Gould.
MERCHANTS NATIONAL BANK.
The old board of officers were reelected
as follows:
President-Jacob Mcclellan.
Vice President-Geo s. Hunt
| Cashier-Charles Payson III
| Dlrcctois-Jacob Mcclellan, Coos Hunt Cbas
D. W. Kensel "A'' ~ "oou' W. o Dana'
CUMBERLAND NATIONAL BANK.
The old board of officers was reelected as
follows:
President-Horatio N. Jose.
| Vice President-Wm H. Moulton,
Cashier-Wm. IL. Soule.
Drectors-Horatio n Jose, John G. Tukes.
pRu ay, C M r ingraham, James S. Marrett
i Daniel W. True, Nathan Cleaves, VIM H. Moui.'
FIRST NATIONAL BANK.
The number of stockholders present Mt
the annual meeting of this bank was great
er than was ever before known since its
organization-nearly 100 being in attend
/ ance.
Charles 5. Fobes, ESQ.,. was chosen chair
man, and acting cashier James E. Wen
gren, secretary. The chairman stated that
unless there were remarks to be made by
any OF the stockholders, the matter of elect
ting directors would be in order
Charles W. Holden of Boston, arose and
asked that some member of the board of d.
rectors who was best acquainted with the af-
1alrs OF the bank with reference to the de-
iaicatlon OF VIM. e. Gould should give full
| explanation Of that matter, as the stockhold.
ers were entitled to be put in possession of
such information.
At the request of the directors, Charles F.
Libby, the attorney for the bank, who has
made careful and protracted investigation
into the amount and method of Gould's pee
ulatlons, gave detailed explanation of the
4 nf Il l...yn
clear and comprehensive statement has been
| published; and, accordingly, we give only a
condensed report of the essential points pre-
sented by him in detail
| In the spring of 1882 Goulds regulations
| OF the funds of the bank began. They
were made largely through two accounts
CASHIERS checks and certificates of deposit
accounts. The cashiers check account was
| at hrst carried on In the name of VIM. Z.
| Gould, cashier. But when the debit balance
| against this account reached $4,000, new
account was opened in different part of the
| ledger under the name of cashiers checks"
70 the bookkeeper Mr.. Gould stated that the
| $4,000 Just spoken Of represented tempo
rary Investment by the bank in bonds. The
method Of operating the certificate of depos-
II account was by entering false charges of
partial payments to outstanding certificates,
and the use of duplicate certificates improp-
| eriy issued. Loss to the bank had also re-
suited by transportation by Mr.. Gould of
| the bonds left with the bank as collateral to
loans made TO customers. Certain notes also
appeared in the bank which had been made
by MT; Gould without the authority Of the
individuals or the corporations whose names
were signed to them. In answer to ques-
ti0n, Mr.. Libby stated that some of the books
and papers of the bank, covering the period
oil Gould's defalcation, had been destroyed
| or mutllated. That one of the large ledgers
| OF the bank had been mutlated by cutting
| out nearly one-third of its contents That
enc OF the discount registers was missing,
though all the other receipts, both before
ana after the date OF Gould's populations are
intact. That some of the vouchers and some
Oh the books and papers Of the bank, cover
ing certain periods, are missing, making the
labor of investigating the accounts and
the transactions vastly more difficult
than would otherwise have been the case.
Mr.. Libby stated that the net loss to the
bank through Gould's defalcation, not TAX
ing into account certain assets the value of
which has not yet been realized by the bank,
available as an Offset, to be $162, 9O3.17. These
assets consist of certain railroad equipment
bonds, interests in vessels, telegraph stock,
furniture, pictures, etc. In reaching the
amount of net loss the bank has charged off
to PROFIT and loss some notes on which some
of the above mentioned assets were held as
security.
In answer to question, Mr.. Libby stated
that the attention of the directors of the
bank was first called to Gould's conduct by
two clerks of the bank, September 10, 1886.
For some time before this date these clerks
had entertained vague suspicious that Gould
was not straight in his accounts. Mr.. Libby
stated that the bank gets an annual rental of
1000 from the tenants of its building.
AZ the close of the explanation by Mr..
Libby, X n Hinkley, Prentiss Loring and
). d. Crockett were appointed a committee
TO receive, sort and count votes for seven
directors, There appeared to be but one
ticket in the field-the old board of directors.
The ballot resulted as follows:
Whole lumber OF shares voting 458O
Necessary TO a choice. ........s.......229 l
Harrison j. Libby. Observation-Disclosures
William w. Brown. ................ '687